The president signed the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA) on May 24, 2018. The new law is massive. Certain provisions were effective upon signature of the president. Others provisions carried effective dates ranging from 30 days to three years after enactment. Certain regulations are fully in effect, while others have not yet been written.
While EGRRCPA provides regulatory relief in some areas, such as the Home Mortgage Disclosure Act and the Truth in Lending Act, it increases the burden in other areas, such as reinstating the Protecting Tenants at Foreclosure Act.
Above all EGRRCPA made changes. Changes, whether positive or negative, increase the burden for all institutions, at least in the near term. Required actions include revising policies and procedures, revising systems, and training employees.
This program is designed to determine where you stand with the implementation of the new requirements after the first year. Don't miss this program.
This two-hour long program focuses on the compliance aspects of the new law, with particular emphasis on the provisions that were effective within the first year of becoming law.
While the program focuses on selected provisions of the law, program participants receive a comprehensive manual that reviews every section of EGRRCPA. The manual will be used again and again as the provisions of the new law are implemented over the new few years.
Upon completion of this two-hour program participants understand the selected compliance provisions of EGRRCPA which:
- Provide partial relief from the expanded HMDA disclosures, which were added to Regulation C effective January 1, 2018, for small volume originators (fewer than 500 closed end/500 open-end loans for each of previous two years). Institutions with "Needs to improve" or "Substantial non-compliance" CRA ratings are not eligible for the relief;
- Provide a TILA escrow exception for banks with under $10 billion in assets originating 1,000 or fewer first lien principal dwelling loans;
- Provide qualified mortgage status for most mortgages held in portfolio for banks with less than $10 billion in assets;
- Eliminate the three-day TRID delay if a creditor extends a second offer of credit with a lower annual percentage rate;
- Provide relief from appraisal requirements for smaller mortgages and for properties located in rural areas;
- Make opening new accounts and engaging in transactions online easier by authorizing the use of scanned driver’s licenses to meet identity verification requirements;
- Require the Social Security Administration to create a new database containing people’s names, dates of birth, and social security numbers, for use in responding to identity-verification requests as one step to combat “synthetic identity fraud;”
- Require the Department of Veterans Affairs to establish regulations to implement the provisions designed to ensure that financial institutions that offer to refinance a veteran’s residence demonstrate there will be a “net tangible benefit,” (i.e., the refinancing is in the financial interest of the borrower);
- Require the Department of Veterans Affairs to establish a database (within one year) to allow consumer reporting agencies to verify veterans’ medical debts.
- Amend the Fair Credit Reporting Act rules regarding security freezes;
- Provides immunity from liability for disclosing the suspected exploitation of a senior citizen to a covered agency to financial institutions, and to certain employees,
- Require the CFPB to write regulations to apply ability to repay standards to making Property Assessed Clean Energy loans (PACE loans).
- Provide for longer exam cycles for community banks; and
- Protect veteran's credit;
- Protect veterans from predatory lending; and
- Permanently reinstates the Protecting Tenants at Foreclosure Act, which had expired on December 21, 2014.
The program is designed for the Board of Directors, Senior Management, Compliance Officers, Auditors, and others with responsibilities related to implementation of the compliance provisions contained in EGRRCPA.
Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 43 years. In 38 years as a trainer over 145,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by a number of state bankers associations. As a contractor he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.
Robin Cooper, CRCM is the Director of Compliance for Compliance Resource, LLC, a source of compliance assistance for financial institutions. Robin’s career in banking began in 2004. Since that time she has worked for community and regional financial institutions ranging from $100 million to $1 billion in asset size regulated by the Office of the Comptroller of the Currency (OCC) and Federal Reserve Board (FRB). Robin has worked in numerous compliance and banking roles, including Compliance Auditor, Internal Auditor, BSA Officer, and Compliance Officer. In 2010 Robin established and led the, now longstanding, Central Kentucky compliance roundtable for compliance officers in central and southern Kentucky to convene and discuss emerging compliance issues. Robin has a bachelor’s degree in Government from Centre College, attended the American Bankers Association National Compliance School, and is a Certified Regulatory Compliance Manager.